You get to enjoy so many benefits when you start your business in Singapore. It is one of the best countries in the world wherein you can set up your business. You do not have to be a permanent resident or citizen of Singapore to start up your company here.
The best part about this country is that there is no corruption. Doing business in this nation is secure. The laws and policies here support entrepreneurs who have the desire to grow in their lives.
Even foreigners can set up their businesses here in this beautiful country. As Dalen Cheng of KC HA Consulting explains, Singapore ranks #1 on the EDBI (Ease of Doing Business Index) because of the governmental transparency. Unfortunately, many people do not know what exactly they need to consider and do if they have this particular plan in mind.
Many consulting firms are now available to assist foreigners to incorporate their company here in Singapore. You need to select a firm that is well reputed and trustworthy to help you in this process. Here are some essential guidelines that you should plan on following.
Pick An Excellent Name
Now, this is the first thing that you need to plan on doing. Finalize a name that will easily represent the culture and philosophy of your business. Ensure that the name of the company is unique and is not one which is in use right now in Singapore. You need to make sure that name does not sound obscene as there are high chances that the government will disapprove the application.
Many people register and then check for domain names. It is not a good thing as someone might have already taken it. You should, therefore, first check if the domain is available. If yes, purchase the domain name before registering your company.
The Right Address
You cannot set up your business unless you have the right address. It is essential for you to search and find a commercial space that is apt for your requirement. URA or Urban Redevelopment Authority should sanction your appeal to use the space for commercial use.
Register As Private Limited Company
If you wish to get an EntrePass or business visa, you need to comply with specific policies of the country.
First and foremost, you need to run a business that is legitimate. You cannot do any illegal activity in this country. People who try doing these things face dire consequences when they catch them.
Secondly, it is necessary for you to register your company as a private limited company. If you are not a Singapore citizen, you can hold only 30% of the shares in the company. Your paid-up capital should be around SGD 50,000. Your application for EntrePass might get rejected if you are investing in businesses such as food courts, employment agencies or massage parlors.
Work Pass / Employment Pass In Singapore
If you would like to carry forth your business operations in person in this country, it is essential for you to have an employment pass. Without getting this in hand, you are not allowed to work here. MOM or Ministry of Manpower will check the application before sanctioning it.
This pass enables managers, foreign professionals, specialists and executives to live and work in Singapore. Hence, you need to plan on applying for this once you set up the business. You should plan on applying for this pass before your company crosses six months.
Open A Corporate Bank Account
The process to open a corporate bank in Singapore is simple and easy. Since there are so many banks in this country, you should pick one that best suits your requirement. Take time to check the corporate features that these banks are offering to their account holders before awarding them the work. Never pick a bank without doing the groundwork as you might end up missing on some great benefits.
It is true that most of the banks require the managing directors, partners, and other signatories to be present in person when they sign certain documents before activating the bank account. But, some banks are willing to activate the account even though the person is not present in person. The only thing that you might need to do is to sign the document in an overseas branch of theirs or sign them before the public notary.
Yes, though the process looks simple, you need some help. By hiring a consulting firm, your work is going to become easy. They will have a checklist of things that you need to do. And they will provide you with the support and guidance that is necessary to help start up the business.